There are over 30 million small businesses which comprise 99.7% of all firms in the U.S. Using the SBA definition of a small business, we can see that they have a tremendous impact on the U.S. Economy. To understand that number even better, note that small businesses employ just under one half of the U.S. workforce. They create two thirds of the net new jobs in the U.S. annually. And they generate about 44% of the U.S> economic activity on an annual basis. In short they are vital what makes America great. Sadly, the Covid-19 crisis is killing these small engines which help power the most successful economy in the world.

Professor Jim Hop, MBA, Department Chair for Entrepreneurship and Chair for Franchising Management, will be discussing the past, present, and future of small business in Michigan and America.

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About Jim Hop:

Jim began his career with an internship in the accounting department of Bil-Mar Foods, a privately owned family business, during his senior year of college. Bil-Mar sold its products under the Mr. Turkey brand throughout the Midwest and beyond. While at Bil-Mar the company was sold to Sara Lee.

In 1988, Jim changed careers and went into banking. Jim was at Comerica until 2002 working out of multiple offices including Grand Rapids, Jackson and Midland Michigan as well as Pleasanton California. While at Comerica Jim handled a seventy-million-dollar loan portfolio with approximately eighty customers.

In 2002, Jim went from the relative safety of the large corporate environment and left the bank for one of my customers, Packaging Direct, Inc. (PDI). PDI is a manufacturer of thermo-formed plastic packaging primarily for the fresh cut food industry selling to 43 states, Canada, Mexico and the Virgin Islands. Jim joined the company in a newly created position as the number two person in the organization. In 2005 the business was sold to CM Products and Jim stayed on as Director of Operations until 2007.

In 2007, Jim joined three long time business acquaintances and they purchased MedAudit Services, Inc. in Midland, Michigan. MedAudit provides its customers with medical cost containment services. MedAudit was sold in January of 2015 to an employee of the business.

Beginning in August of 2009, Jim joined Northwood University as an Assistant Professor and Chair of the Entrepreneurship department. He had been an adjunct instructor at Northwood in the Banking and Finance department on and off since 1999. With over 99% of all businesses being classified as small businesses and a strong desire by our students to control their own destiny the Entrepreneurship department is a key component of the Northwood degree program.